Consol Energy Q2 coal production sales tumble due to
CEO Jimmy Brock said on the earnings call on Aug. 10 that the company has "literally stopped most of the spending" on the Itmann low-vol metallurgical coal mine project. In Q1 spending was significantly reduced which deferred $25 million in capital expenditures. "Now we are continuing with a very very low-cost exploratory mining.
Consol CEO: & 39;Unprecedented demand destruction& 39; in energy hits
The company recorded a net loss of $21.1 million for the second quarter down from a net profit of $48.8 million in the same quarter a year ago. Second-quarter coal sales totaled 2.3 million tons compared with year-ago coal sales of 7.4 million tons.
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